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Vietnam wants bigger trade with India

Vietnam will expand the range of its textile and garment material suppliers to stimulate the development of the sector. The country is looking for textile material suppliers outside Asean and China. And India has suppliers of materials and accessories for the Vietnamese garment and textile industry.

India's fabrics, natural fibers, cotton and garment accessories are of good quality and diversity. In addition the Asean-India free trade agreement has made Indian materials more competitive in term of prices.

India’s yearly exports of garments and textiles to Vietnam have already reached 400 million dollars. However, Vietnam’s imports of materials from India are still modest due to difficulties in payment and transport.

Last year India passed a $300 million credit program in order to help Indian companies enter the Vietnamese market. Both Indian enterprises exporting to or investing in Vietnam and Vietnamese enterprises which want to import garment and textile materials from India can seek preferential loans from the program. Vietnamese-India trade has strongly grown in recent years, up 9.84 per cent in 2014 in comparison with 2013.

Vietnam’s garment and textile sector has to import a large quantity of cotton as the country's cotton output meets only one per cent of local producers' demand. And India has a sufficient supply of the material for the Vietnamese textile industry.

 
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